Archive for the ‘Mortgage Loan’ Category
Loan Modification and Your Credit Score
06 Feb
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A lot of homeowners considering loan modification want to know what kind of impact loan modification has on their credit. For instance, here’s a question we received here on KeepMyHouse.com just the other day:
Regarding the credit aspect of the loan modification. Will the loan show on your bureau that you have modified it? Will it show settled and a new one opened? Will there be signs to other future lendors that would indicate to them that your convential loan was modified and therefore give them a warning as to the financial hardship that occurred during this period of ...
Los Angeles Councilmember Richard Alarcón Says Bank Divestiture can Stop Foreclosure
04 Feb
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A lot of serious solutions are now being offered to help distressed homeowners stay in their homes, and in the process, help the struggling national and global economy. Yesterday, I told you about efforts underway in Washington D.C. by Democrats and Republicans alike to infuse capital into the solution equation. Today, I’m happy to highlight what I think is another fantastic opportunity to quickly and appropriately help solve the housing crisis and keep families in their homes.
Los Angeles City Councilmember Richard Alarcón yesterday introduced a motion aimed at decreasing the devastating affects of foreclosures in Los Angeles, California. ...
Information About Short Sales
04 Feb
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If you heard Ralph R. Roberts mention on the radio today that you can find information about short sales on KeepMyHouse.com, here’s what Ralph was referring to:
Short Sale: Convincing Your Bank to Accept Less
By Ralph R. Roberts, GRI, CRS
With property values in a tailspin, many homeowners who cannot afford their mortgage payments are finding themselves in a precarious position. Their homes are worth less than what they owe on them. They need to sell, but if they sell now, they’ll lose money – money they don’t have.
One solution may be to negotiate a short sale with your lender. With a ...
Save Big on Foreclosure Self-Defense For Dummies During Dummies Month
03 Feb
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Hard times have hit homeowners all across the country. Over two million homeowners are facing the real possibility of losing their homes in foreclosure, and if you are one of them, you may mistakenly believe you have only two options – pay up or move out. As you’ll see, that doesn’t have to be the case.
March is Dummies Month — a time when my publisher, John Wiley & Sons, ramps up its promotional efforts for books in the popular ‘For Dummies’ series.
If you or someone you know is facing foreclosure and haven’t purchased Foreclosure Self-Defense For Dummies yet, ...
Understanding Obama’s Foreclosure Plan
02 Feb
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Many homeowners are wondering what President Obama’s $75 billion foreclosure plan will mean for them. Although the eligibility requirements and other details are likely to become clearer in the next few weeks, you can glean some information from the Homeowner Affordability and Stability Plan. Here, I highlight some of the key points mentioned in the Plan.
The Plan’s executive summary clearly states the problems that the Obama administration foreclosure plan is designed to address:
Due to falling property values, many homeowners cannot refinance into mortgages with lower interest rates.
Nearly six million homeowners are facing foreclosure, primarily due to the current ...
Passage of H.R. 1106 May Mean Bankruptcy Courts Can Modify the Terms of Your Mortgage
30 Jan
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The U.S. House of Representatives approved H.R. 1106, the Helping Families Save Their Homes Act of 2009, by a vote of 234- 191 on Thursday evening. The Act, if approved by the U.S. Senate (see S.61 for the Senate version) and signed by President Obama, gives bankruptcy courts the authority to modify the terms or reduce the principal balance of a homeowner’s mortgage, while protecting lenders from investors when loan terms are altered. More on this developing story from Inman News:
The Senate bill’s sponsor, Sen. Dick Durbin, D-Ill., has said he is considering amending the legislation to restrict ...
Lowering Your Monthly House Payment with a Term Extension
30 Jan
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One of the most common strategies lenders use to lower a homeowner’s monthly house payment in a loan modification is to extend the term. For example, a homeowner who has a 30-year mortgage with 25 years remaining may have the term extended to 40 years or maybe even 50 years. Many homeowners simply cannot wrap their brains around the idea of paying on a house for over half their lives, but this can be the savviest strategy for achieving a long-term solution. I almost always advise homeowners to stretch out their mortgage for as long as they possibly can. Here’s ...
Congressional Leaders Differ on How to Help Distressed Homeowners
27 Jan
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There’s an interesting article in today’s New York Times about Congress’ renewed vigor to step up to the plate and solve the foreclosure crisis. Republicans and Democrats alike are “competing,” says the Times’ Edmund Andrews, to bail out struggling homeowners.
Having recently spent billions of dollars rescuing banks and insurance companies, lawmakers on both sides of the isle are now attempting to steer President Obama’s economic stimulus proposal toward what many of us have known all along to be at the root of the problem: the housing market.
Republicans in the U.S. Senate think the way to solve the crisis ...
How Likely Am I to Get Approved for a Loan Modification?
27 Jan
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Nowadays, everyone wants to know the same thing… How likely are they to get approved for a home loan modification? While no one can answer that question with any level of certainty — after all, everyone’s situation is different from everyone else’s — there are contributing factors and circumstances that both increase and decrease a loan modification’s likelihood.
The following question is one I see a lot. Take a look and see if my response helps you determine how your current financial situation might impact your ability to secure a loan modification:
Question: I am hoping to ...
Daily Show Clips Heard on Keep My House Radio
27 Jan
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For a couple of weeks now, Keep My House Radio has featured audio clips from a recent episode of The Daily Show. John Stewart, The Daily Show’s host, promoted a week-long “feud of the century” that reached its climax on March 12th — as you’ll see in the three clips below — when CNBC’s “Mad Money” host Jim Cramer appeared on the show. Previously, Cramer had figured heavily in a series of Daily Show segments highlighting CNBC’s poor track record on the financial apocalypse, and Stewart invited him onto The Daily Show to defend his station’s track record and advice.
Check ...